Portfolio Benefits Management

What is a Benefit?

The private sector usually express benefits in monetary terms (increased profit margin, sales revenue, market share), whereas the public sector will also look for non-financial benefits (increased social cohesion, reduced cost of service provision).

Obtain long-term business value from your investments.

Definition

Pcubed Benefits Management is a proven method of ensuring your organization's investments actually deliver business value.

At Pcubed, we work with our clients to ensure the substantial investments they make in projects and programs realize the outcomes they intended when they were started - Executives do not measure project success by "on time and on budget".

Whether you are seeking increased efficiency, social outcomes, greater market share, new marketable products or new revenue streams, an active benefits management regime will help bring better results for your organization.

Benefits

Each organization, when it embarks on new projects or programs, intends to achieve their stated targets. And yet, research shows that most projects fail to deliver even a small proportion of intended outcomes. Implementing Pcubed Benefits Management focuses the organization on achieving the outcomes of its investments because:

  • It enables measurable and achievable delivery against strategic objectives.
  • Investment decisions will integrate more closely with business drivers, increasing business value from successful change programs.
  • Formal procedures for evaluating the success of the outcome make it easier to measure results.
  • Responsibility for delivering benefits can be shared by executive decision-makers - linking outcome to strategy - and by project delivery staff - seeing the results of their efforts bringing success to the organization.
  • Scarce resources - people, finances - are targeted where they will obtain the greatest return.
  • Successful and rewarding delivery boosts confidence in an organization's ability to develop new capabilities.

Approach

Pcubed's approach is to identify the benefits inherent in your business vision, then empower your staff to take ownership and align projects and programs to benefits delivery. This approach focuses project work toward delivering your business strategy.

  1. Identify strategic drivers and the desired benefits embodied.
  2. Build a Benefits Realization Framework across all layers of the organization, reviewing your existing programs and projects for intended benefits and delivery mechanisms. It is critical that the implementation and execution of the benefits framework is owned by your business's lines of operation. Pcubed will provide coaching and education.
  3. Benefits Realization : Once a program or project is implemented, its output needs to be further managed for actual attainment of desired benefits. Using the Benefits Realization Framework built earlier in the engagement, Pcubed can either audit project and program outcomes, or coach your staff to undertake a thorough audit which identifies the actual benefits delivered and the potential to achieve further benefits.
  4. The benefits actually realized and the strategic drivers delivered are reviewed with regards to the original strategic objectives, thus setting an input into subsequent optimized strategic investment decisions.

Pcubed Benefits Realization Framework

Diagram : Pcubed benefits realization framework

Benefits management provides your staff with an investment framework, educates them on the importance of achieving real value from investments, and helps program and project managers target specific benefits.

Pcubed combines best of breed tools with cultural change techniques to better focus your organizational resources.

Pcubed Benefits Management expertise ensures that your portfolio, programs and projects deliver new capabilities and enhance business value.